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Colombia and Mexico sign international tax, human rights and clean business standards

23/05/2012 - Colombia and Mexico are a step closer to beneffiting from cross border tax co-operation and information sharing. Colombia has signed, and Mexico has deposited its instrument of ratification for the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.

The Convention, developed jointly by the OECD and the Council of Europe, is the most comprehensive multilateral instrument available for tax co-operation and exchange of information. It helps counter cross-border tax evasion and ensures compliance with national tax laws, while respecting the rights of taxpayers.

At the signing ceremony, which took place in the margins of the annual OECD Ministerial meeting, Secretary-General Angel Gurría congratulated ministers of Finance from Colombia and Mexico. “You are taking important steps to further strengthen global co-operation and we look forward to working together to maximise the benefits which will accrue to you and to the wider international community,”he said (Read the full speech).

Colombia also joined three key OECD legal instruments. By adhering to the OECD Recommendation on Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas, Colombia is helping to ensure that companies respect human rights, support peace and development, and encourage co-operation between large-scale operations and local communities.

Colombia also signalled its political commitment to improve the conduct of corporate businesses and ensure a good business climate – competition, corporate governance, investment, tax co-operation and anticorruption – by adhering to the OECD’s Declaration on Propriety, Integrity, Transparency in the Conduct of International Business and Finance. And by adhering to the OECD Declaration on Green Growth, Colombia is committing to encourage green investment and sustainable management of natural resources – acknowledging that ‘green’ and ‘growth’ can go hand in hand.